All Forum Posts by: Katie Neason

$25,000 minimum projected profit before taxes. It also has to be profitability as a rental if the market crashes (plan B). That knocks out high end rentals in our market. Total invested is typically $110,000-$150,000. I have found what drives ROI more than anything is time, so we require the project to hit our minimum profit and then we push to get it done as quick as possible so we can reallocate the money.

Congrats on taking action. It sounds like you are  doing all of the work your self. Is that correct? If so, what is driving that decision? Is there not enough money in the deal to hire it out professionally? Also how are you financing it?  Seems like doing it yourself is a potentially very slow way to do it and if financed will eat up profits. If not financed it will still drag your returns way down. What is your plan for the house? Sell? Rent? Live in?  I would outline a detailed scope of work and then hire subs that are working for other sussessful investors in town. Then your only job is managing the subs, which is a big enough job in and of itself. It will make the job run much soother and faster and will get you out of the way of yourself. Good luck! 

Investor Property with great cash flow.  You could leave them like they are and rent them or cosmetically update them and improve rents in this transitioning area of downtown Bryan. One house is a 1 bedroom 1 bath (480sf) and in its current condition rents for $450/mo. For that rent amount it is rent ready (interior pictures below are of this house).  The other house is 672sf and is rented for $550. The lease is month to month but current tenant would like to sign a long term lease.  We are leaving that option open to the new owner, knowing the strong opinions about inherited tenants. I do not have interior pictures yet of the occupied house but it is comparable to the vacant house. This is a great opportunity to upscale the smaller house to improve rents while collecting rent on the occupied house. Once updated and rented you could do the same thing on the smaller house. Looking to move this property quickly.

2 bedroom 1 bath across from Sue Haswell Park. It is a fixer upper on a large lot.  Previously there was also a duplex on the property so there is opportunity for expansion.  House appears to need mostly need cosmetic work. Bones seem to be in good shape. We also own the adjacent lot (1318 Wm J Bryan) with a 1,381 sf houses on it currently rented through June at $700/mo to a CPA firm. Tenant would like to renew for another yet. Would sell both lots and houses for $130,000.  Looking to move them quickly. 

What is your rehab budget for this project?

I cannot figure out how to post a photo from my phone so here is a link to some pics you can see. Hope it helps. 

http://www.zillow.com/homedetails/210-W-31st-St-Br...

Is there any Eve? If so could do hardi with large gables? On ours we did the cornice work and stock Home Depot gables. Ours was new construction so it was different from your situation. Could you do stucco? Unfortunately, our experience is that anything on a third floor height is more expensive. 

if it is vacant how are the gross revenues $4,500/mo?

Sarah Norman, my business partner of our real estate investment company (we flip houses and do infill redevelopment, some student housing and some young professionals, full time), a Broker and realtor in town for 40 years, and my mom is who I would refer you to.  Do you know what you want? Do you want something new and rented within a half mile of campus? That will cost you a lot and struggle to cash flow but will be low maintenance, easy rental and in a "normal real estate market" has the greatest potential for appreciation. Do you want a fixer upper in Downtown Bryan where there is a renaissance and strong student and young professional rental demand? This will cost you less than half of the first or something in between. A lot more details would be needed to understand what you are looking for and to understand what a "great deal" is to you, but she would be able to help you out. Message me if you want her contact info.  Happy Hunting. 

If you will search "direct mail" on bigger pockets you will find many threads and members' experiences with the different direct mail companies.  You will also find that most if not all of them are members on this forum.